FG SEEKS GERMAN INVESTMENT IN NIGERIA’S INDUSTRIAL SECTOR

The Federal Government is seeking increased investment and technology partnerships with German companies to strengthen Nigeria’s industrial capacity and support economic growth.

Minister of Budget and Economic Planning, Abubakar Bagudu, made the call at the Germany-Nigeria Industrial Technology Conference, “Business Meets Nigeria,” held in Abuja. The conference formed part of a high-level mission by 14 German companies exploring investment opportunities in Nigeria.

The participating companies are involved in sectors including cement, mining, construction and industrial technology. Their engagements with Nigerian businesses and government officials focused on investment, technology transfer and industrial development.

Bagudu said Nigeria was seeking to turn its longstanding relationship with Germany into concrete investments that would expand productive capacity, create jobs and improve local value addition.

He identified manufacturing, mining, construction, infrastructure, industrial technology, equipment and mineral processing as areas with significant opportunities for German investors.

The minister also stressed the importance of developing investment-ready projects and ensuring access to appropriate financing. He cited export credit, development finance, commercial lending and guarantees as mechanisms that could support industrial investments.

According to the Federal Government, Germany’s €300m export credit guarantee framework is part of the growing economic relationship between both countries.

The Head of the German Engineering Federation delegation, Chux Onaa, said German manufacturers could support Nigeria through expertise in machinery, cement and minerals processing, digitalisation and environmental technologies.

The conference was organised by the German Engineering Federation in collaboration with the German Embassy in Nigeria.